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the white house site to the improving economy for t adjustment of the deficit projections saying this year the deficit will be $759 billion of first time it has been below $1 trillion under president obama. crude-oil today down $0.8 in gold gaining $22 selling at $1,235 an ounce and treasury yields dropping with the ted year closing at 10 .6% new details about the deadly crash of flight 214 from san francisco. the focus is now on the pilot who had little experience pleading for the first time as there francisco international business oriented to the runway they crashed. first call only two fatalities among the 307 passengers and crew. it ends the impeccable run of 18 years without a fatality and more than 90 million flight hours made it one of the safest aircraft in aviation history and investigators are trying to determine what caused a small engine aircraft to crash at the alaska air corps yesterday killing all 10 aboard. the pilot of the air taxi was described as highly experienced. some news you may have missed a the weekend a tragedy in canada could be the key to breaking the pol
the white house site to the improving economy for t adjustment of the deficit projections saying this year the deficit will be $759 billion of first time it has been below $1 trillion under president obama. crude-oil today down $0.8 in gold gaining $22 selling at $1,235 an ounce and treasury yields dropping with the ted year closing at 10 .6% new details about the deadly crash of flight 214 from san francisco. the focus is now on the pilot who had little experience pleading for the first time...
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Jul 14, 2013
07/13
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the utica shale in new york would erase the new york deficit. we're not sticking one drill bit in that either. we have oil all over this country. we are not tracki fcking anywhe because we don't have an epa who will stand up and say, we need to do this or this to make it safe. it's all the above angs. we don't have that because we have no plan. there's been four environmental studies on the keystone pipeline. all are clean. we aren't doing it for wha reason reason. who knows? >> steve, maybe you know. >> i'm with anwar and keystone pipeline. but with fracking causing earthquakes increighing threefold you'd be careful toing that in cal kpal. >> tracy, go ahead. >> brenda, i think one piece we're missing are state taxes. this piece of the gasoline price is not going away. that will continue to go up. couple that with gasoline prices going up higher than our wages. that's the bottom line. >> gary v, it will have an impact on the economy, don't you think? >> absolutely. you know, i want to get back to the point that jonas was making. you know, while
the utica shale in new york would erase the new york deficit. we're not sticking one drill bit in that either. we have oil all over this country. we are not tracki fcking anywhe because we don't have an epa who will stand up and say, we need to do this or this to make it safe. it's all the above angs. we don't have that because we have no plan. there's been four environmental studies on the keystone pipeline. all are clean. we aren't doing it for wha reason reason. who knows? >> steve,...
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Jul 9, 2013
07/13
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the white house reports the federal deficit for this fiscal year is $200 billion less than expected. we are only overspending now by $759 billion. >>> twinkies will be back in stores july 15th with an even longer lifespan than ever before. thank god, you're saying. the spongy yellow takes have a new shelf life of 45 days that extends the previous 26-day shelf life. >>> famed sports carmaker porsche is going green with the 2014 panamera se hybrid. it boasts over 75 miles per gallon. the price there? $79,000. base. >>> and take a look at the washington monument. it glows with 500 lamps while being restored from earthquake damage. half of the cost being paid for from a donation. >>> rex ryan running with the bulls and all of your sports headlines. stick around. >>> let's get the latest in sports for you right now. monday was the great day in baseball. tigers pitcher max scherzer with seven strikeouts but not enough for him to get the win. this embarrassment here does help his team. >> nubbed down the third base line. pena hoping it goes back there and it does. swisher is going to be out
the white house reports the federal deficit for this fiscal year is $200 billion less than expected. we are only overspending now by $759 billion. >>> twinkies will be back in stores july 15th with an even longer lifespan than ever before. thank god, you're saying. the spongy yellow takes have a new shelf life of 45 days that extends the previous 26-day shelf life. >>> famed sports carmaker porsche is going green with the 2014 panamera se hybrid. it boasts over 75 miles per...
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Jul 11, 2013
07/13
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i think the two things i'm worried about and you are and everyone would be, one, we can't run a deficit of 500 billion every year and we can't create a trillion every year to buy our own securities. we know something about the markets being overheated and more accommodation than normal. we need to believe that the economy is growing fast enough that we can slow down on that stuff. >> what about international? for a long time, the best place to put money for morgan was japan. what about the outflows of emerging markets? do i just want to stay domestic, stay? the u.s., or should i be looking at japan? >> i ultimately think you want more international exposure. it's sort of like don't fight the fed. it's interesting. we did a survey at a conference a few weeks ago. we asked them, do you think owning u.s. stocks with e.m. exposure will be positive or negative within the next few months? all of the responders said negative. we always try to be contrarian when we see what is going on. i think it's a trough and whether china's gdp is 4, 5, 6, isn't that better than europe anyway? >> sure is. >
i think the two things i'm worried about and you are and everyone would be, one, we can't run a deficit of 500 billion every year and we can't create a trillion every year to buy our own securities. we know something about the markets being overheated and more accommodation than normal. we need to believe that the economy is growing fast enough that we can slow down on that stuff. >> what about international? for a long time, the best place to put money for morgan was japan. what about...
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Jul 9, 2013
07/13
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why is the trade deficit still soaring? why? >> by the way, i have to get out. i can't get in. >> there's a manufacturing renaissance. >> why are we losing jobs? >> it's called energy. >> we are producing more with fewer workers. it's amazing. >> by the way, not only are we importing less and less energy, we are going to be exporting more and more energy and it will bring the trade deficit to almost nothing which will give me a strong dollar, king dollar is going to look great. the inflation rate which is now 1% will go to 0% and you'll worry about deflation. >> then we're going to start 3-d printing gold. it will plummet even faster. >> gold is about 1,000 bucks an ounce. thank you, gentlemen. we appreciate it. >>> all hail the state of south dakota. cnbc has just named it as the number one state for business in america. and the man who puts that list together, cnbc's scott cone joins us live from the foot of mount rushmore. he'll explain. hey! did you know that honey nut cheerios has oats that can help lower cholesterol? and it tastes good? sure does! wow. it'
why is the trade deficit still soaring? why? >> by the way, i have to get out. i can't get in. >> there's a manufacturing renaissance. >> why are we losing jobs? >> it's called energy. >> we are producing more with fewer workers. it's amazing. >> by the way, not only are we importing less and less energy, we are going to be exporting more and more energy and it will bring the trade deficit to almost nothing which will give me a strong dollar, king dollar is...
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Jul 7, 2013
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. >> freedom from organized religion is a strange cultural deficit that makes it impossible for you to understand in the past. freedom from organized religion leaves you wondering whom that is on all the oil paintings and freedom from organized religion means that huge areas of art and morality and culture go silent for you to get freedom from organized religion means that you do see these things like we writing for yourself. i refer to the good book. come on. you don't get to the right the bible yourself. what kind of -- i better not go on in case i become disrespectful to a fellow guest. >> what is your career track? >> erratic i think is the best word for that. none of my looks ever have anything in common with the previous one. it takes me several years every time and as far as i am concerned, one of the prizes of the wife is i get to find out something new every few years. so i look a kind of a sailboat and what heavy weather. i write in a book about the polar explorers and the way that engineers - work and a book about children's books, and book about religion and a book about th
. >> freedom from organized religion is a strange cultural deficit that makes it impossible for you to understand in the past. freedom from organized religion leaves you wondering whom that is on all the oil paintings and freedom from organized religion means that huge areas of art and morality and culture go silent for you to get freedom from organized religion means that you do see these things like we writing for yourself. i refer to the good book. come on. you don't get to the right...
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Jul 12, 2013
07/13
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i think it's good that the deficit is declining. we have a five-year low in the deficit. and spending is actually declining, too, contrary to the complication in the introduction. 47% reduction in spending last month over last year. last year at this time, a $60 billion deficit. we're definitely in the right direction. i challenge jim or anybody to tell me where is all this mammoth spending they're talking about the government is doing? we've been in a period of austerity. >> haven't said a word and being challenged. >> right. putting words in my mouth and attacking the words i never altered. fantastic. that's fantastic. >> we agree, then. right? >> listen, here's what i think. i think the deficit is going down. i think it's going down dramatically. is possible that until 2016 we might even have a surplus. an annual budget surplus. all that is possible. it's fantastic. the problem is that after about 2017, 2018, the deficit's going back up. a huge entitlement problem and every year that we won't, don't deal with the problem makes the fixes more elaborate and expensive. we
i think it's good that the deficit is declining. we have a five-year low in the deficit. and spending is actually declining, too, contrary to the complication in the introduction. 47% reduction in spending last month over last year. last year at this time, a $60 billion deficit. we're definitely in the right direction. i challenge jim or anybody to tell me where is all this mammoth spending they're talking about the government is doing? we've been in a period of austerity. >> haven't said...
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Jul 10, 2013
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there may be other costs associated with it, but you help the deficit. in the irs that's not the case. when you cut the budget at the irs, your deficit is increased for the country. that's a factor. two more factors to sort of set the stage here. leadership, the evolution of the leadership of the service. the government has operated for years or did operate for years with, in essence, a defined benefit pension plan. people who joined the irs before the early '80s, they had handcuffs, as all government employees did. there were very real incentives to stay, to get their 30 years in, to be 55 years of age. that plan was changed in the early '80s so that it became more like a 401(k). i did my first stint in government starting in '82. i was a kid working in the reagan administration, and after about six months a personnel officer came in and said, jeez, you ought to convert over to this new retirement plan. well, it produced in me a lifelong distrust of personnel folks -- [laughter] and also was a reflection on just how young and knuckleheaded i was. i conv
there may be other costs associated with it, but you help the deficit. in the irs that's not the case. when you cut the budget at the irs, your deficit is increased for the country. that's a factor. two more factors to sort of set the stage here. leadership, the evolution of the leadership of the service. the government has operated for years or did operate for years with, in essence, a defined benefit pension plan. people who joined the irs before the early '80s, they had handcuffs, as all...
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his net worth is equal to the federal deficit. melissa: i don't know how that came up. the biggest in the world. 590 feet. a massive price tag of $600 million. it is reportedly owned by middle eastern billionaire and it took three years to build. just a little perspective on how big it is. look at this. here it is. that tiny little thing in the upper left is the space shuttle. this new monstrosityust over took the clips. the world's biggest shot by 533 feet. who would not wanted? it looks like it can fit in my bathtub. melissa: ashamed and embarrassed. if i were a russian oligarchic would not take this lying down. selig. you cannot let them. >> we don't know his name. an anonymous billionaire. anonymous era billionaire. 600 feet long. his entire harem can fit on this boat. >> as a russian myself i am ashamed and embarrassed. someone handed him. >> obviously you don't have a very large harem. >> i was pulled in. i was pulled into i really lame duck. there was this huge gap. once again for the second time, looking to cool yourself. it in some areas of china. check of the
his net worth is equal to the federal deficit. melissa: i don't know how that came up. the biggest in the world. 590 feet. a massive price tag of $600 million. it is reportedly owned by middle eastern billionaire and it took three years to build. just a little perspective on how big it is. look at this. here it is. that tiny little thing in the upper left is the space shuttle. this new monstrosityust over took the clips. the world's biggest shot by 533 feet. who would not wanted? it looks like...
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Jul 8, 2013
07/13
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then there's going to be a deficit. the chicks come home to roost after the mid term election. mine is going to be coming in and out and no one will be upset until after the mid terms. >>steve: the government says there will be better verification someday. but right now because they've got to get things going, no verification. be truthful, america. >>brian: 24 minutes before the top of the hour. quick look at the world of sports. patriots fans are done with aaron hernandez. more than 1,200 showed up at the patriots pro shop to trade in their hernandez. shop said they can turn in their jerseys. the team took all hernandez memorabilia off the sh*els. nasp car stars turned in their racing stripes for a hard hat. darrell waltrip was among the driver who raised the massive race. trevor bane won the chance to break ground at the speedway's redevelopment project. congratulations. >>> she may be a wimbledon champion but that doesn't mean she's getting much respect. >> i wonder if her dad did say to her when she was 12, 13, 14 maybe, listen, you're never going to be a looker. >>brian: a
then there's going to be a deficit. the chicks come home to roost after the mid term election. mine is going to be coming in and out and no one will be upset until after the mid terms. >>steve: the government says there will be better verification someday. but right now because they've got to get things going, no verification. be truthful, america. >>brian: 24 minutes before the top of the hour. quick look at the world of sports. patriots fans are done with aaron hernandez. more...
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Jul 11, 2013
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melissa: next on "money," news of a much lower deficit may sound great but is it all a sham? our next guest says yes and he's here to tell us why we shouldn't be celebrating. >>> apple seems to be falling off out of its tree these days. the author of, "inside apple" says it is no longer the industry leader it once was. google is set to take over the top spot. he is here with details. "piles of money" coming up. ♪ my mantra? always go the extra mile. to treat my low testosterone, i did my research. my doctor and i went with axiron, the only underarm low t treatment. axiron can restore t levels to normal in about 2 weeks in most men. axiron is not for use in women or anyone younger than 18 or men with prostate or breast cancer. women, especially those wh are or who may become pregnant and children should avoid contact where axiron is applied as uneecd signs of puberty in children or changes in body hair or increased acne in women may occur. report these symptoms to your doctor. tell your doctor about all medical conditions and meditions. serious side effects could include inc
melissa: next on "money," news of a much lower deficit may sound great but is it all a sham? our next guest says yes and he's here to tell us why we shouldn't be celebrating. >>> apple seems to be falling off out of its tree these days. the author of, "inside apple" says it is no longer the industry leader it once was. google is set to take over the top spot. he is here with details. "piles of money" coming up. ♪ my mantra? always go the extra mile. to...
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Jul 9, 2013
07/13
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. >>> on the "cbs moneywatch" the shrinking deficit and warren buffett makes a big donation in charity. ashley morrison is here in new york. good morning, ashley. >> reporter: and good morning to you, anne-marie. asian markets bounced back, slight concern over china's efforts to reform credit. hong kong's hang seng earned 2%. >>> wall street with financial tightened wells fargo and chase the dow rose 88 points while the nasdaq added five points. >>> the deficit is down according to a new white house projection. the federal government is spending $759 billion more than it is taking in this year. that's down more than $200 billion from earlier predictions. the improvement is credited to the automatic spending cuts triggered by the financial cliff and increasing revenue from an improving economy. >>> consumers are whipping out their credit cards more often. sending consumer borrowing surging. credit card use has soared to its highest level since fall of 2010. americans increased borrowing in may at the fastest rate in a year. experts say a jump in borrowing means people are feeling more c
. >>> on the "cbs moneywatch" the shrinking deficit and warren buffett makes a big donation in charity. ashley morrison is here in new york. good morning, ashley. >> reporter: and good morning to you, anne-marie. asian markets bounced back, slight concern over china's efforts to reform credit. hong kong's hang seng earned 2%. >>> wall street with financial tightened wells fargo and chase the dow rose 88 points while the nasdaq added five points. >>>...
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median family income in two thousand and eleven and when congress is looking at reducing the nation's deficit are these expensive wiretaps even on the table where they know this is ridiculous and we're talking about seven thousand dollars you know per wiretap fifty seven fifty that's that's ridiculous are you kidding me like you know that should say a lot about what the medium household income is in the united states anyway that's a whole other side of the story but i mean think about how much money this government is spending you know across the board on military and defense and surveillance surveillance is only one aspect it was of this much larger kind of bloated budget you know what is the black budget where does it come from i mean the way we get to these black budgets in the first place is the federal reserve prints a lot of money lowers interest rates what's your position on the federal reserve itself. the federal reserve well first of all i think we should end the fed i don't really understand where we where we need to be talking about that but back to the issue of this black budget a
median family income in two thousand and eleven and when congress is looking at reducing the nation's deficit are these expensive wiretaps even on the table where they know this is ridiculous and we're talking about seven thousand dollars you know per wiretap fifty seven fifty that's that's ridiculous are you kidding me like you know that should say a lot about what the medium household income is in the united states anyway that's a whole other side of the story but i mean think about how much...
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median family income in two thousand and eleven and when congress is looking at reducing the nation's deficit are these expensive wiretaps even on the table where they know this is ridiculous and we're talking about seven thousand dollars you know per wiretap fifty seven fifty that's that's ridiculous are you kidding me like you know that should say a lot about what the media and the household income is in the united states anyway that's a whole other side of the story but i mean think about how much money this government is spending you know across the board on military and defense and surveillance surveillance is only one aspect of us of this much larger kind of bloated budget you know what is the black budget where does it come from i mean the way we get to these black budgets in the first place is the federal reserve prints a lot of money lowers interest rates what's your position on the federal reserve itself. the federal reserve well first of all i think we should end the fed i don't really understand where we where we need to be talking about that but back to the issue of this black bu
median family income in two thousand and eleven and when congress is looking at reducing the nation's deficit are these expensive wiretaps even on the table where they know this is ridiculous and we're talking about seven thousand dollars you know per wiretap fifty seven fifty that's that's ridiculous are you kidding me like you know that should say a lot about what the media and the household income is in the united states anyway that's a whole other side of the story but i mean think about...
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Jul 11, 2013
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they've been very up-front about their proposals to charge students more in order to pay down the deficit. we think it is outrageous -- in a time where somehow it is not acceptable to tax billionaires to deal with the deficit but we're supposed to tax struggling students who are trying to make ends might who are just trying to get a college degree so they can be productive members of society. >> bill: even at 3.4 or 6.8%, isn't that what we're doing? in effect? we're taxing students to help pay down the debt or elsewhere does that money go? >> well, there are proposals that would peg the rate to the market with a small markup to be able to pay the cost of the program. costs for administering the program. there's costs to cover defaults on the loans. so it is possible to peg the rate to the market in a way that is not really making money off of students. and we think that's what this program should be about. it should be how can we get the maximum number of students, the support they need to go to college in a way that's fair to them covers the cost of the program but isn't seeking to garn
they've been very up-front about their proposals to charge students more in order to pay down the deficit. we think it is outrageous -- in a time where somehow it is not acceptable to tax billionaires to deal with the deficit but we're supposed to tax struggling students who are trying to make ends might who are just trying to get a college degree so they can be productive members of society. >> bill: even at 3.4 or 6.8%, isn't that what we're doing? in effect? we're taxing students to...
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if you want to reduce the deficit, investing in education. thank you very much. >> the house today approved a farm bill by a vote bill2126- 216-208. opposed theucus farm bill and launched a protest. here is that debate. >> further embellishments will result in a deduction of time from the yielding member. ther. speaker, i yield to gentleman from florida, mr. hastings for unanimous consent. >> i ask unanimous consent to revise and extend my remarks in very strong opposition to the farm bill and underlying bill because it takes the safety net away from american families. >> without objection, the time is charged. >> i yield to the gentleman from new york. >> thank you. i ask unanimous consent to revise and extend my remarks in strong opposition to the farm bill rolen the airline bill because it hurts america's children. correct -- rule and the underlying bill because it >> mr. speaker, and ask unanimous consent to revise my remarks. >> without objection. >> the gentleman from massachusetts. >> i yield to the gentlewoman from florida. >> i ask u
if you want to reduce the deficit, investing in education. thank you very much. >> the house today approved a farm bill by a vote bill2126- 216-208. opposed theucus farm bill and launched a protest. here is that debate. >> further embellishments will result in a deduction of time from the yielding member. ther. speaker, i yield to gentleman from florida, mr. hastings for unanimous consent. >> i ask unanimous consent to revise and extend my remarks in very strong opposition to...
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Jul 11, 2013
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fiscal deficit is 510 billion. down from the 504 billion in the same period in the last fiscal year, a decrease of $400 billion. some of that of course caused by the, due to the tax increases that kicked in january 1st on upper income families and for payroll taxes, but budget experts flag ad couple of other things in this surplus this month. for example, revenues were boosted by one-time dividend payments of $59 billion from fannie mae and freddie mac. and another case we saw some moving around of the timing of certain payments that ordinarily would have made in june but were instead moved back to i believe the end of may. so that reduced some of the outlays in june by 34 billion. right there that is $100 billion in deficit reduction alone. tracy and ashley, back to you. tracy: quirky calendar. that sounds quirky to me. you're keeping eye on the senate banking hearings, dodd-frank, right? 3 1/2 years we're into this and we still don't know what the heck is going on. peter, did we lose you? >> i'm here. tracy: what
fiscal deficit is 510 billion. down from the 504 billion in the same period in the last fiscal year, a decrease of $400 billion. some of that of course caused by the, due to the tax increases that kicked in january 1st on upper income families and for payroll taxes, but budget experts flag ad couple of other things in this surplus this month. for example, revenues were boosted by one-time dividend payments of $59 billion from fannie mae and freddie mac. and another case we saw some moving...
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. >> moyers: but the promises had come with a price: two costly wars, a soaring deficit and a housing market boom and bust. >> the obama administration says it will spend billions to keep struggling homeowners in their homes. >> moyers: american families had been hit by the greatest economic downturn since the great depression. >> we're raised to believe that each generation can and will do better than the last. but is that really true? >> moyers: we wanted to know what had happened to the two american families we knew. we found jackie stanley outside her church. how are you? >> the graduate! >> moyers: along with a grown-up keith, now 35. >> i never would have made it to college, never would have made it to college, without mom. >> moyers: but jackie quickly confided that when we called her to see about filming again, she almost said no. i was telling kathy i thought i was a failure. i really thought i was a failure because i didn't do it. we went backwards. >> moyers: she said that after suffering some health problems, she had quit doing real estate altogether, that her dream of hav
. >> moyers: but the promises had come with a price: two costly wars, a soaring deficit and a housing market boom and bust. >> the obama administration says it will spend billions to keep struggling homeowners in their homes. >> moyers: american families had been hit by the greatest economic downturn since the great depression. >> we're raised to believe that each generation can and will do better than the last. but is that really true? >> moyers: we wanted to know...
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Jul 12, 2013
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this program was supposed to rules the deficit. supposed to make the deficit lower. in fact everything we're finding out, going to make the deficit much bigger. >> allison is steve right? if the programs aren't working, become too unaffordable no one left to go to except the wide open arms of the government, they'll say, we'll take you. >> i think that's exactly what everything is lining up to say, and steve explained that very well. >> guess what, that costs a lot more. cost. the taxpayer a lot more you really need young people to sign up for healthcare in order for the system. obamacare to work. give me ten seconds on that. >> well, this debate is -- everybody knows obamacare is going to fail. we'll have a debate about a single pair government system. that's where the left has also wanted to go. >> we have have to it there. thank you very much. >> with the healthcare law under fire, will volters fire democrats in the mid-term elections? to larry who is going to talk about the political fallout. larry, the employer mandate gets delayed by a year, conveniently just p
this program was supposed to rules the deficit. supposed to make the deficit lower. in fact everything we're finding out, going to make the deficit much bigger. >> allison is steve right? if the programs aren't working, become too unaffordable no one left to go to except the wide open arms of the government, they'll say, we'll take you. >> i think that's exactly what everything is lining up to say, and steve explained that very well. >> guess what, that costs a lot more. cost....
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Jul 13, 2013
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>> number one, try to find out what the deficits are. work with that. see what they can each contribute and it's not just about the money, as you are saying, it's also about just the contribution to the family. >> let's talk about household chores. that's another thing a lot of people -- there's a great scene from that movie "the breakup." >> that's what we were talking about. >> uh-huh. >> excuse me. what happened here? what are you doing? what are you doing? >> i had such a long day on the bus. i had a rough day. my feet are killing me. >> my feet are killing me, too. i worked all day. i went to the market, cleaned this entire condo and i've been cooking for the last three hours. come on. help set the table. >> sweetheart, you have done such a great job already. don't you want to finish it yourself and have that personal power of accomplishment? >> all my god and all she wanted was the lemmons. i remember that scene so well. >> that frustration when you feel like you are carrying the whole load. >> but it's also a frustration for guys, too, because th
>> number one, try to find out what the deficits are. work with that. see what they can each contribute and it's not just about the money, as you are saying, it's also about just the contribution to the family. >> let's talk about household chores. that's another thing a lot of people -- there's a great scene from that movie "the breakup." >> that's what we were talking about. >> uh-huh. >> excuse me. what happened here? what are you doing? what are you...
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the deficit will go down. and basically go get it from somewhere else in the savings. there's plenty of fat in that national budget, and we could all agree on that. >> all right. gentlemen, thank you both for your thoughts today. appreciate it very much. >> pleasure. >> thank you so much. >>> we have 35 minutes before the closing bell sounds for the day. we have a market off of the lows, down about 18 points on the dow. >> is there any stopping hewlett-packard stock these days? it's up more than 80% just this year. and it has been the best performer among the dow components in 2013. when we come back, we'll hear from somebody who says hp is just getting started. >>> meanwhile, tensions in egypt showing no signs of cooling down. coming up, one of egypt's richest mens explains how the turmoil is impacting the economy and the world. what might happen in his company. don't miss it as we navigate the happenings in cairo. ♪ build! we're investing big to keep our country in the lead. ♪ load! we keep moving to deliver what you need. and that means growth, lots of cargo goi
the deficit will go down. and basically go get it from somewhere else in the savings. there's plenty of fat in that national budget, and we could all agree on that. >> all right. gentlemen, thank you both for your thoughts today. appreciate it very much. >> pleasure. >> thank you so much. >>> we have 35 minutes before the closing bell sounds for the day. we have a market off of the lows, down about 18 points on the dow. >> is there any stopping hewlett-packard...
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. >> the trillion dollar deficits. >> and it does not look like the republicans are hoping a city. will you write a book for them? >> something about that and i think the republicans demean no, there are people all across the spectrum of both parties. i was asked -- i was speaking about my other book at fort leavenworth, the military base, not the prison. [laughter] and there were 1490 majors for mostly our country, but from around the world. it is a big school. someone asked me, what is the biggest problem that i worry about when i go to bed at night. the answer was american weakness why said that? i think the signal is being sent out from this country is that basically we are modeling american economy of your and it is a failed model. does not work. and there is no way that you can have the deficits we have had and have the debt we are incurring without sending out a signal to the world that this country is not born to be what it was in the past. there is no way that you can do that. you're not going to -- people take that message and they see it. and the -- then you turn around.
. >> the trillion dollar deficits. >> and it does not look like the republicans are hoping a city. will you write a book for them? >> something about that and i think the republicans demean no, there are people all across the spectrum of both parties. i was asked -- i was speaking about my other book at fort leavenworth, the military base, not the prison. [laughter] and there were 1490 majors for mostly our country, but from around the world. it is a big school. someone asked...
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it's a form of deficit funding. and that is building up on this side. >> the other problem is, too, these people were promised something. i understand government workers. i'm the first one to criticize them for getting sweetheart deals. but if they were promised something, they should be made hold as well. a lot of them took less money in favor of pensions and less stuff down the road. ultimately we know who is to blame. the politicians who didn't want to go to the taxpayers and say we've got to pay these people more now. >> part of it -- >> we've got to go, steven. i don't know the guy and i don't have a stake in the book, but read it. it came out a while ago. i finished it in three days f you want to read about the ultimate functionality, money for firehouses that didn't exist, people not paying taxes because they have no services but there's no services because they are not paying taxes. that's the toilet bowl of a city finances. i don't know charlie. seems like an interesting guy. i'd like to meet him some day.
it's a form of deficit funding. and that is building up on this side. >> the other problem is, too, these people were promised something. i understand government workers. i'm the first one to criticize them for getting sweetheart deals. but if they were promised something, they should be made hold as well. a lot of them took less money in favor of pensions and less stuff down the road. ultimately we know who is to blame. the politicians who didn't want to go to the taxpayers and say we've...
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forcing the government to raise taxes in bad times and they're hard to measure because they focus on a deficit. rather, why don't you set a spending limitation where spending is capped at a moving average of inflation adjusted revenue. now, the reason we put it that way is to be agnostic as to whether you should raise taxes or cut spending. i disagree with some on the right who shay we should do everything possible to avoid a tax increase to me that's -- this is a democracy. i'm up -- it's up to the american people to decide that. what we can't do is promise ourselves more we pay for, and so you can imagine something that work that way ask then hat universal acceptance. so rather than having politicians define, you can have any conception you want. just has to have a supermajority and has to escalate. so three-ins becomes four-sixths and five/sevenths, so we think real spending limitation could happen. for those who say that kind of spending limitation sounds odd, that's how universities. look at columbia business school. our spend out of an endowment goes exactly according to some moving aver
forcing the government to raise taxes in bad times and they're hard to measure because they focus on a deficit. rather, why don't you set a spending limitation where spending is capped at a moving average of inflation adjusted revenue. now, the reason we put it that way is to be agnostic as to whether you should raise taxes or cut spending. i disagree with some on the right who shay we should do everything possible to avoid a tax increase to me that's -- this is a democracy. i'm up -- it's up...
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why that will boost the economy and cut the deficit. adam: we are guessing that lou dobbs has a little to say about this. adam: walmart is threatening to walk. possibly canceling plans to build in the nations capital. lori: let's head to the floor of the new york stock exchange. market turning down here as we wait for the feds minute release. even if it were to post again today and be higher than yesterday, it is another record-setting day. we are watching oil which is a key story today. i am watching hewlett-packard very closely. this was a real ladder last year. the analysts are doing 180s as well. citigroup now put a buy rating on hewlett-packard. this comes on the heels of green yesterday. this is why they are turning around. adam: thank you very much. breaking news. crude oil. phil flynn of price futures group is in the trading pits of this cme. >> i would call it a stunning drop in supplies. not only do you have the heating of tensions in the middle east and you have surging demand in the united states. everybody thought in americ
why that will boost the economy and cut the deficit. adam: we are guessing that lou dobbs has a little to say about this. adam: walmart is threatening to walk. possibly canceling plans to build in the nations capital. lori: let's head to the floor of the new york stock exchange. market turning down here as we wait for the feds minute release. even if it were to post again today and be higher than yesterday, it is another record-setting day. we are watching oil which is a key story today. i am...
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here's a chart that shows america's trade deficit. and energy, imported energy comprises the largest account. we haven't had a balanced trade deficit since the 1970's when the job hemorrhage started in this country. and it gets worse every year. america's future depends on innovation. we can't continue to live like this. every community you go to in this country, they say, well, we have to move somewhere because my child can't find a job or, gosh, i had to get another job and i had my salary cut in half. it's pretty obvious what's been happening. the major category of trade deficits is energy imports. energy. because we are not self-sufficient in energy production in this country. part of the answer lies in new energy systems. systems that even nasa has helped us to begin to invent. yes, in the solar fields. yes, in new hydrogen technologies like cryogenic hydrogen. yes, in natural gas. thank goodness the department invested in fossil fuel technologies. that's where the fracking technologies came from. it came from thinking about the
here's a chart that shows america's trade deficit. and energy, imported energy comprises the largest account. we haven't had a balanced trade deficit since the 1970's when the job hemorrhage started in this country. and it gets worse every year. america's future depends on innovation. we can't continue to live like this. every community you go to in this country, they say, well, we have to move somewhere because my child can't find a job or, gosh, i had to get another job and i had my salary...
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i am not against smart cuts to reduce our debt and our deficit. these kinds of burdens on students, using them as a deficit solution, is not a smart cut, and that is an understatement. in the long term, we thaoed to reduce -- we need to reduce the cost of higher education which has increased over the last few decades by 1,000 percent. that's the result of year after year overinflationary increases in tuition which over time have amounted to make a college degree unaffordable to all but the most well off unless they use that kind of financially crippling debt to attend. the age of supporting one's self through a four-year college degree is passed for most. this unfortunate trend has been coupled with more and more employers requiring a graduate degree for even consideration in the hiring pool. and so, the doubling of interest rates is indeed indefensible, as irene mulvey. it is indeed unacceptable in the greatest nation in the history of the world which must continue the quality and affordability of higher education if we are to remain the greatest
i am not against smart cuts to reduce our debt and our deficit. these kinds of burdens on students, using them as a deficit solution, is not a smart cut, and that is an understatement. in the long term, we thaoed to reduce -- we need to reduce the cost of higher education which has increased over the last few decades by 1,000 percent. that's the result of year after year overinflationary increases in tuition which over time have amounted to make a college degree unaffordable to all but the most...
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when i became prime minister, i had huge deficit made by the previous conservative government. i had to raise taxes. my main task was to revamp the tax system because there were loopholes, lack of transparency, and a lot of tax evasion. the greek people, who were paying for the debt of greece, were at the same time seeing we were paying back our lenders, a global financial system was aiding tax evasion through tax havens. instead of a trickle down economy, we had a trickle out economy.about one third of total global assets are beyond the reach of effective taxation. $32 trillion is offshore in 2010. revenues are lost. there is so much being lost they could five times deal with the lending goals. so i n i say inevitable tax, also believe in a strong global governance, reform which much transparency, closing loopholes, and affect financial around the world. i believe in progressive it's a blood use line in our soelts. conservative argument is that we the bottom to because of global competition. the say it should emulate emerging economies with lower taxes, wages, benefits, enviro
when i became prime minister, i had huge deficit made by the previous conservative government. i had to raise taxes. my main task was to revamp the tax system because there were loopholes, lack of transparency, and a lot of tax evasion. the greek people, who were paying for the debt of greece, were at the same time seeing we were paying back our lenders, a global financial system was aiding tax evasion through tax havens. instead of a trickle down economy, we had a trickle out economy.about one...
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. >>> the latest white house projection says the deficit will shrink by $214 billion. of course it won't be gone completely, washington is spending about $1 trillion more than it takes in. spending cuts are paying off. >> what is three quarters of a trillion dollars? >> pocket change. >> check this out. this is in tron corontotoronto,. >> that's a road? >> i'm sure it's a road completely under water. nearly four inches fell in just hours. 100,000 customers are without power. passengers were stuck in the subway system. looks like a mess. chad myers tracking all the weather there and here for us. >> we talked about this yesterday how the pattern was changing and everything was going to shift to the north. i didn't mean north of the border, i meant chicago. the storms parked themselves over the area and never stopped. a couple showers across toronto. i'm going to show you a waterspout that happened in tampa and showers in pennsylvania and ohio as well. a couple cool pictures. one to three inches across the northeast. two to four across ohio. the rain isn't stopping. 87 in
. >>> the latest white house projection says the deficit will shrink by $214 billion. of course it won't be gone completely, washington is spending about $1 trillion more than it takes in. spending cuts are paying off. >> what is three quarters of a trillion dollars? >> pocket change. >> check this out. this is in tron corontotoronto,. >> that's a road? >> i'm sure it's a road completely under water. nearly four inches fell in just hours. 100,000 customers...
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crises which was the idea that the capital inflows that we were seeing related of course to our trade deficit but also to the international demand for dollar reserves was in fact a potentially destabilizing factor and certainly was in any case making financial conditions easier than they otherwise would have been and done more recent works with co-authors at the federal reserve looking at the european u.s. relationship even though there was a more balanced trade between europe and the u.s. there were large growth inflows of financial flows from europe to the united states which again were a demand for safe assets, if you will, which at the time there being an insufficientsy of safe assets in the view of many people that wall street was in some sense trying to construct safe assets through securization and traunking and we know that didn't work out so well. there are some issues with safe assets in that besides collateral we have potentially increased liquidity requirements, increased margin requirements. that creates some pressure on the supply of safe assets. at the same time we're having so
crises which was the idea that the capital inflows that we were seeing related of course to our trade deficit but also to the international demand for dollar reserves was in fact a potentially destabilizing factor and certainly was in any case making financial conditions easier than they otherwise would have been and done more recent works with co-authors at the federal reserve looking at the european u.s. relationship even though there was a more balanced trade between europe and the u.s....
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minister, ie prime had huge deficit made by the previous conservative government . i had to raise taxes. my main task was to revamp the tax system because there were loopholes, lack of transparency, and a lot of tax evasion. the greek people who were paying for the debt of greece were at the same time seeing as we were paying back our lenders am a is global financial system was aiding tax evasion through tax havens. economy,y trickle down we had a trickle out economy. -- instead of a trickle down economy, we had a trickle out economy. offshore in 2010. revenues are lost. they is so much being lost could five times a deal with the lending goals. say inevitable tax, i also believe in a strong, global governance which must include transparency, closing loopholes, financial regulations around the world. arecond point, tax revenues a democratic decision for each country. i believe in progressive taxation because it is the bloodline of a social contract among a basic bargain in our societies. conservative argument is we need a race to the bottom because of global competit
minister, ie prime had huge deficit made by the previous conservative government . i had to raise taxes. my main task was to revamp the tax system because there were loopholes, lack of transparency, and a lot of tax evasion. the greek people who were paying for the debt of greece were at the same time seeing as we were paying back our lenders am a is global financial system was aiding tax evasion through tax havens. economy,y trickle down we had a trickle out economy. -- instead of a trickle...
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the president has proposed a strategy that would solve our long-term deficit problems but continue investing in the creation of middle class jobs, continue investing in skills training so they can succeed in the jobs and also to help communities to create a skills infrastructure so they can bring jobs overseas here. i've visited charlotte north carolina where they've done that with seamens local community college has done a terrific job to create a training program to attract jobs to the united states but this log jam that we have in washington right now and the sequester that we have in place this across the board budget cuts killing middle class jobs programs across the government just makes no sense. it is slowing down the economy. it cut economic growth in the first quarter in half. it is really hurting us. so if we can turn around the sequester and continue investing in middle class jobs, we can bring the jobs numbers up substantially. >> bill: wheel we're creating new jobs, we're losing jobs in the public sector. >> that's right. we lost another 7,000 jobs in government this month. thi
the president has proposed a strategy that would solve our long-term deficit problems but continue investing in the creation of middle class jobs, continue investing in skills training so they can succeed in the jobs and also to help communities to create a skills infrastructure so they can bring jobs overseas here. i've visited charlotte north carolina where they've done that with seamens local community college has done a terrific job to create a training program to attract jobs to the united...
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you raise more tax money reduce the deficit it creates jobs, right? >> then they were talking about how obamacare was doomed to failure because it was an organized mess but without pointing out the reason why it was because idiots that they have to cut deals with. when you call something a the ruk gold brick device do the work. they accomplish the task that you want it to. anybody using that until is using it historically and scientifically incorrect. >> so goldberg was not a reuben at all. >> no, not at all. it took an hour and a half to light your cigar but they work. >> stephanie: you make that point, that's the problem you need all these parts to make affordable care work, but they're going to do their best to make sure that it doesn't. like you say whether it's republican governors or them having a relentless p.r. campaign to keep spreading misinformation. >> there will be problems, people will complain to their local newspapers, and you'll get five or six anecdotes from around the country that will start the trend and that's where we'll be. >> s
you raise more tax money reduce the deficit it creates jobs, right? >> then they were talking about how obamacare was doomed to failure because it was an organized mess but without pointing out the reason why it was because idiots that they have to cut deals with. when you call something a the ruk gold brick device do the work. they accomplish the task that you want it to. anybody using that until is using it historically and scientifically incorrect. >> so goldberg was not a reuben...
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we need to bring deficits down. we need to get our country on a fiscally sustainable path, but we need to do so in a rational way which does not undermine our national security, does not undermine the services of being rendered to the people who are relying on them and that does not send the message to our employees and those whom we need to recruit in the future hat we're a good employer, we're a caring employer, we're an effective employer and you ought to work for us, you ought to work for your country, for your fellow citizens. mr. speaker, we need to go to conference, we need to get rid of the sequester, we need to put america on a rational path to fiscal responsibility and effectiveness and i yield back the balance of my time. the speaker pro tempore: the gentleman yields back. the chair recognizes the gentleman from north carolina, mr. coble, for five minutes. mr. coble: i thank the speaker. mr. speaker, benghazi mattered and the american people deserve answers. on the evening of september 11, 2012, terrorist
we need to bring deficits down. we need to get our country on a fiscally sustainable path, but we need to do so in a rational way which does not undermine our national security, does not undermine the services of being rendered to the people who are relying on them and that does not send the message to our employees and those whom we need to recruit in the future hat we're a good employer, we're a caring employer, we're an effective employer and you ought to work for us, you ought to work for...
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we have four consecutive trillion dollar deficit the worst deficits in the history of our country. we are now about to rush through the $17 trillion mark in total debt. we are not a country that can afford to stay on this path. we are not a country that can afford to allow into our nation immigrants who are going to be tax consumers rather than tax producers. when you have the pick of hundreds of millions of people around the world, we should be smart and we should have a smart immigration policy that brings in people who are going to be tax producers. not tax consumers. that's going to help us with our deficit situation, tep us with our accumulated debt, and hopefully reduce or minimize the risk of an american tradgity that tragedy being a debit dating insolvency and bankruptcy of our great nation system of in that veen, our foreign policy, our immigration policy should focus on those who are going to come here and produce more revenue then they're going to consume. i'm for allowing immigration into the united states of america. it's a cherished privilege, it's a historical fact o
we have four consecutive trillion dollar deficit the worst deficits in the history of our country. we are now about to rush through the $17 trillion mark in total debt. we are not a country that can afford to stay on this path. we are not a country that can afford to allow into our nation immigrants who are going to be tax consumers rather than tax producers. when you have the pick of hundreds of millions of people around the world, we should be smart and we should have a smart immigration...
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it's the right thing from the standpoint of deficit reduction. i think it's a great thing for the nation to encourage this and change right now in our nation. i hope you will talk about the health care bill and what's happening, it's almost beyond belief. >> wow, far be it for me to bring that up out of the blue, senator. >> you know, this is pretty fascinating. i start at the top. you know, every american can get behind the notion of hoping that americans will have affordable health care. i mean, honest telely. i think as we have gone beyond the romance of all of this, the makeup and lipstick are off, people are waking up to look at this bill. it is a serious thing. let's face it. think about it in the height of the greatest recession we create a piece of legislation that says, be city way, if you will move your full-time employees down to part time, wink, wink, you don't have to cover them in health care, most recently, we have this provision which says that by the way, you just self declare how much you make. so you can decide whether you want
it's the right thing from the standpoint of deficit reduction. i think it's a great thing for the nation to encourage this and change right now in our nation. i hope you will talk about the health care bill and what's happening, it's almost beyond belief. >> wow, far be it for me to bring that up out of the blue, senator. >> you know, this is pretty fascinating. i start at the top. you know, every american can get behind the notion of hoping that americans will have affordable...